Tag Archive : Blockchain Technology

/ Blockchain Technology

It is a time in history when devices that rove around the globe is empowered with a plethora of multi-functional technologies that can capture gestures, show clear readings to proximity temperature, etc. the list just goes on.

Internet of things is to be held accountable for such versatility, in bits and pieces, but does that clearly throw light upon the importance of this technology? With the ‘Big Bang’ of data and connected devices (the key foundation of IoT), the business sector is all warmed up.

However, the point of discussion over here is that in the absence of understanding to interpret data, and comprehend which one should take a lower priority, IoT is nothing but an unstructured flow of ineffective data.

The absence of AI deployment in IoT enabled devices stands as a ball and chain towards the blistering development of technology that put a veil on the real prize of humankind the astonishing transformation prospects, which IoT offers.

In support of this argument, market survey reports state that more and more organizations have turned to AI to not only improve but also change their business operations.

AI boosts IoT enabled devices

If a company has picked up pace in recent years, it is quite obvious to say that the business organization has inculcated rightful amalgamation of AI and IoT. For instance, Uber uses AI to connect the right passenger with the driver, thanks to customer behavior recognition and autonomous driving approach of data science.

For a highly operated IoT device, in order to comprehend what’s really taking place around a device and to respond dynamically, AI is the key tool. For this, AI needs to be deployed in the right manner, in a bid to realize the IoT offered benefits.

Key Considerations for using AI in IoT

To incorporate AI and derive maximum value from the data IoT makes available, business needs to consider some key steps.

  1. Consider how to incorporate AI training into the process
  2. Ensure the AI systems are constantly refined and enhanced

To conclude with AI in IoT

AI training is as crucial as algorithmic coding for traditional systems, however, in the present scenario that is a worldwide challenge.

With the right training model, IoT models can balance a pragmatic approach toward devices that have human intervention and contribution at the forefront.

If your business has IoT enabled devices, it is quite likely that you will aim to upgrade it with AI, but only with the helping hand of a professional.

SPIN is that professional you seek. Contact today!

Boundaries explored! That’s the attribute that seems to suit best to the ‘banking Sector’ of the world where the technological potential is calling the shots.

And ‘Blockchain technology is no exception. Thanks to the wide dissemination of this industrial science in the last few years, added with the breathtaking popularity of cryptocurrencies, blockchain technology for banks has turned out to be an open and shut case.

True to the core, there is no denying of the fact that banks stand as the very foundation of a financial system. Yet clients cannot bet their bottom dollar on such institutions when it comes to loyalty. The reason being the frequent scandals that can be attested to banks and only the shoulders of simple clients and the entire economy is there to bear the burden.

However, with the advent of blockchain-based solutions traditional banking has received a major facelift.

Decentralization, transparency, and immutability are some of the magnetic aspects of this technology that makes it a hot favorite among business sectors and banks are no exception.

Blockchain can help financial institutions

The list of blockchain benefits for banks is a never-ending one, yet there are few pointers that need a special mention. For starters, blockchain solutions:

  •  Allow real-time payments processing on a sanctioned payment network
  • Can automate trade process along with payments to increase business transactions speed
  • Can enhance operational efficiencies
  • Reduce customer risks
  • Can glue cryptography and shared databases to provide access to a digital ledger that cannot be changed

From an analyst’s point of view, adapting this technology is nothing short of a lucrative move for banks when it comes to trimming down the processing and transaction costs. This adds up to the list of appealing factors of blockchain technology.

Blockchain can help in certain banking areas

Here is a quick look at how blockchain based solutions can help banking and financial industries turn over new leaf.

Fewer frauds
Out of all the sectors functioning in the global economy, the financial world is deemed to be the most vulnerable one and more prone to fraudulent endeavors. In a sector where more than 50% of the transactions are in the form of stock exchanges and money transfers, financial crime is a button-down fact.  Thanks to blockchain technology for banks, that secures the centralized database systems for banks, which is the primary target for hackers, no more cyber attacks.

Restructuring clearing and settlement
Maintaining the clearing and settlement records for banks that run into billions of dollars is a messy job indeed, especially when it is done by manual reconciliation.

With the help of blockchain for banks, this messy task in-hand can be given a systematic makeover. This will help banks and financial institutions snap out of possible record-keeping complications.

Avoid repetition of the KYC process

Like it or not, financial institutions spend more than $100 million every year on KYC regulations (like identifying and verifying the clients), in a bid to keep money laundering and terrorism at bay. But does money meets its purpose? No! Only with the introduction of blockchain technology for banks can a client be verified by another organization to avoid repetition of the KYC process.

This will also lower administrative costs to staggering levels.

Improve payment process
Introduction of blockchain in the payment process can give it a new look altogether. Not only it will bid farewell to intermediaries in the payment process, but will also reward the organizations with low-cost processing expenses coupled with high security.

Enhanced trading platforms

Financial organizations will witness a humongous change in their trading platforms like minimal operational errors and less number of frauds, with the introduction of blockchain technology.

When it comes to cutting costs and shooting up efficiencies, this technology is a reliable agent. This will also lower administrative costs to staggering levels.

What the future holds in its kitty

The reason Investment Bankers and Financial Analysts swear by blockchain technology for banks is that the list of benefits is far-fetching.

From smooth conducting of transactions, cash management, asset optimization to a plethora of business process that cost more than billions of dollars for banks, this technology has diversified its generous impact everywhere.

It is for this reason that recently Finacle has partnered with R3 to maximize blockchain benefits for banks.

If the banking sector could tap into the potential of this technology in its right sense, the benefits of such a move will sustain for generations.

Riding on the back of this technology- increase in speed, security, efficiency, and minimal costs will add to the pride factor of organizations. If that’s not all, blockchain technology, in all its likelihood, is sure to enhance the quality of service to the end-users several notches up.

Do you too wish to make the most of blockchain based solutions for your organizations and keep up with the changing business environment? Sign Up with SPIN Strategy and witness your dream changing into reality.